Kenyan insurtech startup Turaco has announced it has surpassed one million lives insured.
Turaco provides simple and affordable insurance solutions for emerging markets and is a distributor, broker and key customer interface between the underwriter and the consumer. Turaco achieves this by forming partnerships with leading tech-enabled companies with a large pool of emerging market consumers, like ride-hailing apps and solar pay-go companies.
The company raised a US$10 million Series A round in September 2022, and is using that investment to grow rapidly. Operating in Nigeria, Kenya, and Uganda, Turaco provides access to a much needed safety net against financial shocks to mass market consumers, and has now insured one million of them. As many as 350,000 of those protected by Turaco signed up in the last three months as part of a newly-launched partnership with Airtel Money Uganda and Prudential Uganda.
“We founded Turaco with a vision to insure the next one billion people. Surpassing 1 million customers is an important and validating milestone in that process. More importantly, this number represents 1,000,000 individual mothers, fathers, children, and community members that have access to better health care and improved financial resiliency as a result of Turaco insurance. We are excited to continue on our path to 1 billion people insured.”